EL SEGUNDO, Calif., Feb. 22, 2017 (Aerojet Rocketdyne PR) — Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) announced today that it has signed a definitive agreement to purchase Coleman Aerospace from L3 Technologies, Inc. for $15 million in cash, subject to customary adjustments. The transaction is expected to close by the end of the month. Coleman Aerospace will operate as a subsidiary of Aerojet Rocketdyne, Inc. and will be renamed Aerojet Rocketdyne Coleman Aerospace, Inc. (“Coleman”).
Coleman, founded in 1980, is an innovative systems engineering and integration provider. Both a prime contractor and subcontractor, Coleman provides a variety of suborbital launch vehicles, payloads, and launch services. Coleman develops and integrates air- and ground-launched ballistic missile targets and mission planning for the U.S. Missile Defense Agency, and hypersonic testing for the U.S. Air Force Research Laboratory.
The acquisition builds upon and expands Aerojet Rocketdyne’s capabilities in mission analysis and systems engineering, and increases its product portfolio to include vehicle integration for small-, medium- and intermediate-range ballistic missile targets and other small launch vehicles. The Coleman business is expected to generate approximately $40 million in revenue in 2017.
“The addition of Coleman’s vehicle integration expertise supports our growth strategy for offering an expanded range of products and services to the defense and space markets,” said Aerojet Rocketdyne Holdings, Inc. CEO and President Eileen Drake. “This deal represents a sound investment in both advanced technologies and new capabilities that build upon our decades of experience as the nation’s leading propulsion provider. We respect the long-standing reputation for quality and customer focus that Coleman has built in the aerospace industry and in the Orlando community, and we are thrilled to welcome them to our company.”
Coleman will operate at its existing location in Orlando, Florida and will assume the new Space Coast Integration & Test facility lease at Cape Canaveral Air Force Station in Florida. A ribbon cutting ceremony to officially open the Space Coast facility is planned for this Friday, Feb. 24, 2017.
Aerojet Rocketdyne has nearly 5,000 employees at 14 sites around the country, including approximately 400 employees at its facility in West Palm Beach, Florida.